Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Cash Flow Statement

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Consolidated Cash Flow Statement - GBP (£)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Loss before tax £ (3,109,706) £ (14,983,467) £ (6,629,844)
Adjustments for:      
Depreciation 714,550 765,031 826,750
Amortization of intangible assets 55,046 63,451 51,889
Amortization of right of use assets 196,577 196,576 196,576
Share-based payment expense 1,123,250 804,714
Loss on modification of convertible loan 140,344
Change in fair value of convertible loan derivatives (7,112,034) 4,181,545
Change in fair value of warrant liability (12,785,290)
Change in fair value of other derivative liabilities 3,832,379
Net foreign exchange losses 120,974 64,983 1,891
Finance income (2,208) (33) (1,029)
Finance costs 6,994,423 3,438,548 292,062
Loss on disposal of tangible assets 8,646
Movements in working capital:      
Decrease in deferred income (3,844,533) (1,978,659) (1,978,659)
(Increase)/decrease in trade and other receivables (37,503) (591,617) 1,728,796
Increase/(decrease) in trade and other payables (1,944,557) 2,338,197 326,556
Cash used in operations (15,649,642) (6,505,445) (4,380,298)
Interest paid (289,912) (254,653) (290,208)
Interest received 2,208 33 1,029
Income tax received / (paid) 1,407,199 1,179,043 1,237,609
Net cash flows used in operating activities (14,530,147) (5,581,022) (3,431,868)
Cash flows from investing activities      
Purchase of property, plant and equipment (240,712) (20,033) (34,899)
Disposal of property, plant and equipment 55,000
Purchase of intangible assets (124,485) (123,191) (170,094)
Net cash flows used in investing activities (310,197) (143,224) (204,993)
Cash flows from financing activities      
Repayment of lease liabilities (762,150) (122,469) (415,273)
Receipt from issuance of convertible loan (net of issue costs) 18,110 6,383,659
Repayment of convertible loan (2,632,324)
Proceeds from sale of warrants 18,806,153
Proceeds received on issue of shares 3,369,877 285,108 3,898,818
Share issue costs (908,602) (21,160) (53,273)
Net cash flows from financing activities 17,891,064 6,525,138 3,430,272
Net increase/(decrease) in cash and cash equivalents 3,050,720 800,892 (206,589)
Foreign exchange movements on cash and cash equivalents 190,652 17,781 (1,891)
Cash and cash equivalents at the beginning of the year 1,566,688 748,015 956,495
Cash and cash equivalents at the end of the year £ 4,808,060 £ 1,566,688 £ 748,015